Served your country? Get a VA home loan.
Veterans Affairs Home Loans are privately issued but government-backed mortgages for active and retired military members—which means they have low or no down payments, and lower interest rates. Service Credit Union provides VA loans for our veteran members. They’re only for a primary residence, and your eligibility will depend on your credit score and income. Another advantage of a VA Loan compared to a conventional loan is that there is no monthly mortgage insurance.
Mortgage/Home Equity Rates
The displayed rates for conventional loans assume a loan amount of $250,000 for a single-family, owner-occupied purchase transaction with a down payment of 40% and a credit score of 740 or higher. VA rates assume a loan amount of $250,000 and no down payment. Conventional jumbo loans assume a loan amount of $548,251 and a 40% down payment. VA jumbo assumes a loan amount of $548,251, with no down payment. Payment examples do not include taxes or insurance premiums. Payment obligation will be higher.
A $500 credit towards closing costs at the time of closing will be applied for members with an ACH direct deposit into a Service Credit Union checking account and automatic payment of the mortgage from the Service Credit Union checking account for the term of the loan.
Before you start house hunting, you’ll want to put together a budget and calculate short and long-term costs to understand how much home you can afford. Upfront costs may include 0-20% for a down payment, 2-5% for closing costs and $200-600 for inspections. (mehr …)